A renovation project that was brought to a standstill by ground movement is set to go under the hammer.
The standalone property with four bedrooms situated in Foxcote, St Leonards-on-Sea, will be sold without a minimum price through BTG Eddisons Property Auctions.
A couple acquired the 1,400 square foot residence six years ago and commenced comprehensive improvements, including solar-based heating systems, before ground instability in February 2024 compelled them to discontinue their work.
Richard Worrall, auctioneer and consultant at BTG Eddisons Property Auctions, commented that the situation represented an unfortunate outcome for the buyers who had purchased the property as their future residence and had evidently invested substantial funds and consideration into customising it to their requirements.
They were undertaking efforts that anyone would pursue to establish their ideal home, until circumstances entirely beyond their control altered the entire situation.
While the rear garden has subsequently been secured and the property displays no evidence of structural deterioration, a No Occupation Order continues to be enforced, preventing occupancy for the time being.
The residence will be offered with an opening bid of merely one pound.
Mr Worrall observed that a significant obstacle clearly needs addressing, yet the property itself offers considerable appeal.
Should the circumstances eventually be resolved and the improvements finalised, a considerably different outcome could emerge, potentially allowing a purchaser to acquire a property worth half a million pounds for a fraction of that amount.
Positioned in a sought-after residential neighbourhood, the dwelling comprises three living areas, a garage, and surrounding gardens.
Auction specialists anticipate the property could achieve a market value of approximately £525,000 provided the No Occupation Order is rescinded and the planned upgrades are concluded.
Mr Worrall noted that St Leonards, frequently referred to as Hastings’ more fashionable counterpart, offers excellent town amenities with convenient transport connections to London and Brighton, suggesting numerous prospective purchasers may consider exploring this distinctive proposition.
The property forms part of BTG Eddisons’ live-streamed auction event scheduled for October 28 and 29.